Veritas Investments will book after-tax losses of between $2.2-2.6 million on the sale of its upmarket Nosh supermarkets in its annual accounts, which it anticipates will bolster underlying earnings for the year, having returned to the black in the first half. The shares gained.
The Auckland-based food and beverage investor completed the sale of its Nosh franchise to Gosh Holding on February 24, with the net proceeds going toward repaying bank debt, which was sitting at $30.5 million as at December. 31. The $3.98 million sale included about $1 million of stock, and let Veritas exit what has been a problematic investment since buying the supermarket business in 2014. Veritas valued Nosh’s assets at $7 million with $2.6 million of lia…
Read the full article at: https://www.nbr.co.nz/article/veritas-book-nosh-losses-annual-accounts-after-returning-black-200079
